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Business Social Media: Technology with the Biggest Impact on 2010?
In a very short period of time, Social Media technology has had a profound impact on how people communicate. And it is changing how companies communicate and interact with their customers and partners.
A report by SmartBrief and Summus highlight eight central Business Social Media themes and facts that shone through in 2010:
- Over the last 18 months most companies have adopted some form of social media
- Most popular choices of social media by businesses are FaceBook, Twitter, LinkedIn, YouTube and blogs
- Blending social media effectively into a business strategy takes time
- Business primarily have adopted social media to help build a brand
- Top industries where social media is used include communications, advertising and marketing
- Lack of high-level management support is the most frequently cited obstacle to a company’s success with social media
- Less than 15 percent of companies using social media have set up metrics to measure a return on investment
- Most companies using social media have low confidence in their overall social-media strategy
A similar report conducted by Ketchum and FedEX found that among 62 large companies that 100 percent of them have started to integrate social media into some part of how they conduct business. It differentiates between “digital assets”, like videos on YouTube, with Social Media, like FaceBook, LinkedIn and Twitter. The report focuses on “Social Media” rather than Digital Assets.
Of those 62 companies, the level of engagement varies significantly, with some pushing innovation, while others just observing and trying to do a “me-too” approach. Three categories of social media use emerge: Leadership, Participation and Observation. Many of the companies have partnered with outside firms to help them shape a policy and create an outward-looking face for their organizations.
What’s next for Social Media in 2011 and beyond. It’s anyone’s guess. Social Media pioneers like MySpace stumbled. The period of innovation cycles is getting shorter and shorter. While FaceBook and Twitter are currently hot, how long will it take for the next wave of innovation to come along and make them obsolete too?
